Borrowers are confused, seeking out answers to questions below, browsing online, searching the Internet, calling customer service numbers and visiting branches, if at all possible.
Does Chase offer personal loans?
Does Bank of America make personal loans?
Does Capital One do personal Loans?
The answers to the above questions would be either ‘yes’ or ‘no’, depending on what you mean by the term ‘personal loan’.
Here is a definition by BusinessDictionary.
A personal loan is, thus, a type of consumer loan or consumer credit or debt that can be either secured or unsecured. Here is what Wikipedia has to say about a consumer loan.
The broad definition of a personal loan can include almost everything except the loan you get to buy a home. In this sense, the term is interchangeable with a consumer loan, which also includes government and private student loans.
If you stick to this broad definition, you will be happy to know that most banks still offer personal finance under one name or the other.
Even if you use the term strictly to mean an unsecured loan (or a signature loan), then you will still find many banks that continue to offer personal loans.
What are the top commercial banks and why they are important?
According to the data released by the Federal Reserve, the depository institutions that include national bank, state member bank, insured state nonmember bank, and savings association account for about 40% of the consumer loans that were outstanding in September, 2015.
The amount of consumer debt advanced by all kinds of banks is just double the loans made by finance companies and about 4 times the amount lent by credit unions.
This simply means banks continue to play the role of a major personal loan lender despite the emergence of peer-to-peer lending companies, online personal loan lenders and other specialized financial institutions.
So, the question is – what are the top commercial banks offering personal loans.
We have tried to seek the answer through a survey that we conducted online on a few selected large commercial banks.
Here is a list of top insured U.S.-chartered commercial banks ranked by the Federal Reserve in terms of consolidated assets as of March 31, 2015.
That is a big list indeed!
It is not possible to survey all the commercial banks listed there (more than 1700) and find out whether they continue to offer personal financing products, especially unsecured consumer loans.
We took a sample of top 30 banks and study the resources available online for their consumer lending products.
The following result is based on our study of the top 30 banks.
|Banks||Unsecured Personal Loans||Unsecured Personal Lines of Credit||Secured Personal Loans||Home Equity Loans or Lines||Auto Loans||Student Loans|
|State Street Bank||y|
|Fifth Third Bank||y||y||y|
|MUFG Union Bank||y|
|BMO Harris Bank||y||y||y||y|
|BBVA Compass Bank||y||y||y||y|
|Bank of the West||y||y||y||y|
|Bank of America||y||y|
To our surprise, we found that 20 out of 30 big banks are still in the business of unsecured personal financing. The rest, though not having an impressive portfolio of loans, continue to serve the consumers with other forms of personal loan products (usually secured), such as home equity loans and auto loans.
You can read about the top 20 banks that offer unsecured personal loans here.
Continue reading to know about the banks that offer secured personal loans or similar lending options.
Personal Loan Alternatives at Banks not offering Unsecured Consumer Loans
There can be other sources of financing as well, notably home equity loans, HELOC and credit cards. A nice comparison between personal loans and other similar financing options is presented here.
Other forms of consumer loans include student loans auto loans and cash-out refinance. We are presenting here a few banks that can offer you some useful alternatives to personal loans. Please be sure to contact the customer service departments of these banks to know about the updated information.
You are at a wrong place if you do not have collateral. Chase doesn’t offer unsecured personal loans. As a result, you have only a few options of personal finance, such as home equity lines of credit, auto loans, and credit cards.
Another possible ways to manage the flow of funds may include the overdraft protection services that come with a checking account with the bank and consideration to seek a cash-out refinance. Eligible borrowers may also take advantage of a Chase small business loan to fund personal expenses. Here is how we have tried to answer the question whether Chase offers personal loans for bad credit borrowers.
Bank of America
The Bank of America website doesn’t tell anything about unsecured personal loans, but the bank is said to offer a number of options to help borrowers with personal needs. For example, you can apply for a 0% or low-interest credit card to make a major purchase or seek an auto loan to buy a car or any other vehicle. A home equity loan can indeed be a better alternative to an unsecured personal loan because of its low interest rate and flexible payment term.
One of the leading issuers of credit cards in the United States, Capital One attracts borrowers looking for signature loans. The bank’s website doesn’t offer a clear answer to whether it offers one without collateral. Even if it does so, the borrowers need to be in the league of people with highest credit standing.
Nevertheless, a borrower has the options of a wide range of unsecured credit cards, besides collateral-backed home equity loans and auto loans. Please refer to our page on Capital One short-term personal finance for more details.
One of the oldest financial institutions in the nation, BNY Mellon has emerged as a global wealth management company with solutions for large corporate houses, industries and individuals. According to the website of the bank, it offers secured and unsecured loans along with a number of other consumer lending options. You need to contact the bank directly to get more information regarding the same.
A leading global bank, HSBC in the United States limits borrowing options mostly to its existing customers. You need to have an account with the bank, preferably an HSBC Premier checking account, to get started with a personal borrowing option. Credit cards and home equity loans are among the possible personal financing options at HSBC.
Known for investment banking, trading and wealth management, Goldman Sachs is reported to be working on a plan to offer consumer loans through a website or an app by The New York Times in 2015.
A look at its website doesn’t reveal much about its loan program as yet, but a debate has already started whether Goldman Sachs would succeed in its latest endeavor.
A global leader in wealth management, institutional securities and investment management, Morgan Stanley offers residential mortgage loans and home equity lines of credit through its consumer banking arm, Morgan Stanley Private Bank, National Association (MSPBNA). It doesn’t have to offer any unsecured loan as of now.
Among the personal financing solutions, Citizens Bank has to offer home equity loans and lines and student loans. The last, which includes loans for students, parents and graduates, may be an unsecured type.
Here is how the bank process a student loan application.
Founded in 1919 as a division of General Motors under the name of GMAC, Ally Bank claims to be serving 17,000 auto dealers and more than 4 million of their retail customers at present. The bank offers several auto financing options to help borrowers buy or lease a vehicle of their choice.